“For those worried about a recession,” Capital Economics’ Paul Ashworth says in a note, referring to the nasty Q1 GDP reading that also just came out, “it’s worth remembering that employment increased by nearly 300,000 in April and jobless claims dropped to 300,000 last week. Those numbers point to a recovery gathering some real momentum at last. We still expect second-quarter GDP growth to come in close to 3.5%.”